Are You Getting the Most Out of Your Business Insurance?
As a business owner, you have a lot on your plate — from managing your cashflow and hiring talent, to upgrading equipment and looking for new ways to grow — not to mention taking care of your customers. While you’re busy responding to the daily demands, it is important not to lose sight of your plans for protecting your business and preparing for the unexpected. Regardless of your industry or the size of your business, here are three things to consider when evaluating your insurance coverage and needs:
- Look at the big picture. Focusing on price and not coverage could put you or your company in jeopardy in the event of a claim. At Sandy Spring Insurance, we ensure what matters most to you and the livelihood of your business are covered: your office, employees, equipment, products or services. By maintaining lower limits for a reduced insurance premium, you could be setting yourself up for costly repairs, replacements or lawsuits. The insurance company is only obligated to pay out on your policy limits, the rest may fall on you or your business.
- Review your coverage. Business owners should remember that their insurance policy should not be “set it and forget it.” As your business grows and evolves, your insurance needs may change (e.g., hiring employees, adding vehicles, renting or buying office space, adding equipment, etc.). Conducting a regular and/or annual review of your policy will ensure that you are properly covered.
- When evaluating your business insurance, having multiple brokers or switching brokers each year denies you the opportunity for long-term strategic planning. Working with one broker for all lines of insurance will ensure that your company is fully covered. Splitting coverage between brokers only allows each broker a small piece of the puzzle – by having the full picture, you are providing your broker the ability to develop a comprehensive insurance package to cover all of your needs.
Insurance can be complex, but our team of professionals is here to help you every step of the way. For nearly 20 years, Sandy Spring Insurance has been delivering comprehensive insurance solutions to individuals and businesses across the region. Sandy Spring Insurance is an independent, full service agency that works with each client to design a unique program that fits both their business and personal insurance needs. As a subsidiary of Sandy Spring Bank, the team works closely with partners across the bank to seamlessly and efficiently deliver banking and insurance services.
With an average of 20 years of knowledge and experience, our professionals will work with you to develop the program that best meets your goals and your employees’ needs. When we review your current insurance program, we will not simply re-quote your insurance. Our focus is on tailoring a program that will minimize claims, reduce your risks, and protect against potential exposures.
Wealth and Insurance products are not FDIC insured, not guaranteed, and may lose value.
Insurance provided by Sandy Spring Insurance, an affiliate of Sandy Spring Bank.
This material is provided solely for educational purposes and is not intended to constitute tax, legal or accounting advice, or a recommendation for any particular transaction.